CBS has named its replacement for David Letterman on The Late Show. Thankfully, they didn’t put Louis C.K. through the wringer this time. Stephen Colbert will be taking over for Letterman when he retires next year.

The news is a mixed bag. On the one hand, I can’t think of a better host to succeed Letterman. Colbert is smart, likeable, hilarious; basically everything you want from a talk show host. But, we’re losing a brilliant show and performance in The Colbert Report. It may have started as a parody of Bill O’Reilly, but it’s evolved into so much more. The Report is satire at its finest, and it’s not something that I want to lose.

Colbert’s staff is reportedly coming with him, which is a good sign. The issue isn’t with Colbert himself, rather, it’s with the restrictions that come with the format and network. Hopefully, he can find a way to bring that edge and cleverness to his new venue at CBS. I have a feeling that the man that made this presentation to a sitting U.S. President has a good shot.